Mr. Morgan Poliquin reports

ALMADEX PROVIDES NEW HOPE DRILLING, BIG SKY PROJECT AND GENERAL EXPLORATION UPDATE

Almadex Minerals Ltd. has discussed the company's 2026 exploration program progress. Details are provided below.

Highlights:

• Assays received from the initial hole of the New Hope porphyry copper-gold project, Arizona, first-pass drilling program with phyllic alteration and high level veining encountered to 384 metres; drilling complete on second hole;
• Magnetics and mapping suggest that the New Hope drilling to date is on the western edge of a 2.5-kilometre-by-0.75-kilometre area of mapped phyllic and remnant lithocap porphyry alteration;
• Surface sampling at the Big Sky epithermal gold-silver project, New Mexico, returns further significant results;
• Induced polarization geophysical survey to commence at the Rattlesnake porphyry-epithermal project, Arizona;
• Drone magnetics completed at the New Hope, King and Rattlesnake projects;
• Regional generative exploration program continuing.

J. Duane Poliquin, chairman of Almadex, commented: "We are conducting a large and aggressive early-stage generative exploration in the western USA. At the same time, we have begun first-pass drill testing of our new project portfolio. The results from the first ever Almadex drill hole on the property confirm a large alteration system. We look forward to planning the next steps at New Hope and a year focused on generative exploration and advancing our exciting new portfolio of early-stage porphyry and epithermal targets in the western USA."

The company has received further rock chip sampling results from the Big Sky epithermal gold-silver project, New Mexico, as discussed in more detail below. Drone-based magnetic surveys have been completed at the company's King, New Hope and Rattlesnake porphyry copper-gold prospects. The data are being analyzed and compiled with other data sets. An induced polarization geophysical survey will commence shortly at the Rattlesnake project, Arizona.

New Hope project assay results and hole 1 observations

The New Hope project covers a large (2.5 by 0.75 kilometre) area of mapped phyllic and remnant lithocap porphyry alteration. Recent drone-based magnetics suggest that the drilling to date is on the western edge of the alteration zone and a broad magnetics low associated with this alteration zone. Assay results have been received from the first hole of the current drill program at New Hope. Drilling of a second hole is complete. The first hole intersected andesite porphyry affected by moderate to strong phyllic alteration and zones of quartz veining to 384 metres when, after a zone of faulting and brecciation, propylitic to potassic alteration was encountered. Within the phyllic alteration, pyrite contents were up to an estimated 7 per cent. Quartz veining occurs largely as hairlines with pyrite, with some that resemble the high-level veining seen at surface above the hole, and others with banded textures and fine pyrite. These latter veins are interpreted to be those typically seen in shallowly emplaced porphyry systems, formed by the flashing of high-temperature fluids potentially above the level of copper mineralization. The propylitic alteration encountered at depth is associated with pyrite, magnetite and some pyrite/base metal veins with potassic selvages. Anomalous gold was encountered in several short sections of veining within the phyllic altered zone. While no significant copper mineralization was encountered, the first hole has confirmed a large porphyry alteration system is present. The second hole of the program is complete and was drilled on the same section as the first. Once assays are received and compiled from the second hole, next steps will be planned. Further induced polarization geophysics are planned in the near term to explore for chargeability and resistivity responses to the east and northeast of the first two drill holes.

Big Sky epithermal gold-silver project, New Mexico

The Big Sky high-sulphidation epithermal gold-silver project is located in western New Mexico, and covers an area of advanced argillic alteration and silicification hosted in rhyolite volcanics and limestone. In 2025, Almadex announced (see Almadex release of April 9, 2025) the results from 57 grab rock samples taken from outcrop and subcrop (grab samples are selected samples and may not represent true underlying mineralization). These preliminary results were very encouraging as 19 of these samples returned over 0.1 gram per tonne gold with four returning more than one g/t gold (up to 3.5 g/t gold and averaging 0.26 g/t gold for all 57). The better values were returned from zones of brecciation that are part of several parallel silicified ridges that have been identified in the preliminary work. Soil sampling showed elevated gold and epithermal suite elements in proximity to the gold in rock results. Together, these results helped define a broad area of prospectivity surrounding the outcrops mapped to date. Further prospecting to the northeast was recently carried out, and an additional 87 rock chip samples from outcrop were taken returning up to 1.8 g/t gold and averaging 0.1 for all 87 (ranging from below detection to 1.8 g/t). These new samples expand the area of potential, and the company is planning to conduct further IP geophysical surveying to help define drill targets.

The company looks forward to reporting further results from this year's work plan as it progresses throughout 2026.

Qualified persons

Morgan J. Poliquin, PhD, PEng, the president and chief executive officer of Almadex, a qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical contents of this news release. Daniel Santamaria, PGeo, a qualified person as defined by NI 43-101, is the QP for the New Hope drilling project, Arizona, and the Big Sky project, New Mexico, and has reviewed and approved the contents of this news release.

Blanks, field duplicates and certified standards were inserted into the sample stream as part of Almaden's quality assurance and control program. The grab samples reported in this news release were taken from outcrop and subcrop. Grab samples are selected samples and may not represent true underlying mineralization. The analyses reported were carried out at ALS Chemex Laboratories of Reno, Tucson and North Vancouver using industry standard analytical techniques. For gold, samples are first analyzed by fire assay and atomic absorption spectroscopy. Samples that return values greater than 10 g/t gold using this technique are then reanalyzed by fire assay but with a gravimetric finish.

About Almadex Minerals Ltd.

Almadex is an exploration company that holds a large mineral portfolio consisting of projects and net smelter return royalties in Canada, the United States and Mexico. This portfolio is the direct result of many years of prospecting and deal making by Almadex's management team. The company owns several portable diamond drill rigs, enabling it to conduct cost-effective first-pass exploration drilling in-house.

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